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November 3, 2016

Ten Pitfalls to Avoid when buying a Center City Condominium…

Filed under: For Buyers,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 10:24 am


Being a veteran Center City Realtor (26 years), I often see buyers making some repeated mistakes.  At least in my opinion, I use the word mistakes.

Here are some common pitfalls:

1) Paying Points on a short term hold.
Many buyers know they will only own their condo for 3 to 5 years. Paying Points may not be advantageous- Talk to your lender. Do your homework here.

2) Saying “No” to a “Betterments and Improvements ” rider on your home owners policy. This covers items like floor, appliances, cabinetry, doorknobs, etc etc. Might be worth considering.

3) Glossing Over Building Issues – You are given 5 days to read your condo docs. If you don’t want to do so, then hire a lawyer. A Real Estate Lawyer.

4) Using a Mortgage Lender because you have a Savings Account at that bank, and have had for 23 years. That doesn’t mean crap, in my experience. Nada. Nil. Zip.

5) Using a relative to be your Realtor, Mortgage person, or otherwise to play a huge role in your buying process. These arrangements can go up in flames quickly. Not always…but…

6) Not Vetting Your Philadelphia Realtor – “When in Rome” is pretty good advice.. Interview him/her to decide if you two make a good team.

7) Over-buying : Do you really need a three bedroom and den unit? Or will a two bedroom and den suffice? Same story with one vs two bedroom units- If you don’t need the space, why pay for the space?

8) Not Reading Your Sales Contract – 99% of the questions you may have about a transaction here in PA can be answered by reading your Agreement of Sale (The Contract). Read It. I beg you.

9) Expecting Perfection: Yes, the seller is going to vacate your new condo in a dirty and somewhat used condition, with holes in the walls where their art once hung. IF that is the biggest bump in the road during our journey, then we should all g o sing and dance in the middle of the street with joy and glee :-). Nothing in life is perfect so a hint of forgiveness along the road can be helpful.

10) Relying on the Square Foot calculations on Condo Flyer. Or even relying on info provided by some sources. Best to do your own measuring/ fact checking.

Just Ask Me.
Let’s find the answers together to help you make the best decisions possible.

Mark Wade
BHHS Fox & Roach Realtors

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